Finolex Cable Appoints Ratnakar Barve as New Chairman Amidst Legal Battles

Finolex Cable has appointed Ratnakar Barve as its Chairman, succeeding Nikhil Naik. This transition follows complex legal and shareholder battles involving former Executive Chairman Deepak Chhabria. Finolex faced multiple tribunal decisions, and a significant AGM vote, which led to Chhabria's removal from his position amidst broader governance challenges.

In a significant boardroom shakeup, Finolex Cable Ltd. has appointed Ratnakar Barve as its new Chairman, succeeding Nikhil Naik, as per a regulatory filing by the Chhabaria family-promoted company.

The appointment comes shortly after the National Company Law Appellate Tribunal (NCLAT) approved the AGM outcome, which saw shareholders voting against the reappointment of former Executive Chairman Deepak Chhabria.

Ratnakar Barve, who has been with Finolex since 2009 and previously served as Executive Director - Operations, steps into his new role following a series of legal and corporate governance challenges involving Chhabria and his family.